Pluto Finance closes £7m loan to support the delivery of a new residential scheme in Cornwall

We’re pleased to announce the successful completion of a £7m gross development facility to support the delivery of a new residential scheme in Penryn, near Falmouth, Cornwall.

The funding will enable the new build of 21 high-quality family homes, comprising a mix of three- and four-bedroom units, alongside the delivery of four affordable homes as part of Phase 1 of a wider 87-home scheme (30 affordable in total).

Sustainability is central to the development, with all homes targeting EPC A ratings and incorporating green technologies including air-source heat pumps, EV charging points and solar panels.

The transaction was originated by Jonathan Scott, with Analyst Perry Beckett managing the execution side, and completed alongside Aled Morris of Blaise Commercial Finance, with legal support from Glovers, and valuations provided by MDA and CBRE. This marks a first transaction with the borrower, and we look forward to working together again as the wider scheme progresses.

Jonathan Scott, Lending Director for the South West at Pluto Finance, commented:“This was a well-structured transaction with a clear delivery strategy and a strong focus on sustainability. It was a pleasure to work with all parties involved, and we’re pleased to support the first phase of a scheme that will bring long-term value to the local community.”